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OMF - NZ Broker

  • Post #1
  • Quote
  • First Post: Jul 22, 2015 9:21am Jul 22, 2015 9:21am
anyone use this broker?
Quoting entheos
anyone use this broker?
OMF New Zealand is a regulated/licensed broker by the NZX stock exchange. They offer Futures Trading, FX (Ctrader), Share etc. You cannot go wrong with them. I would trade with them, but their minimum deposit is $10 000. I am trading small accounts until i get good at it They could probably allow you a $5000 to test them out. I would say OMF are the best in NZ followed by PFD nz. PFD nz allow smaller accounts. There is another one in New Zealand called Halifaxonline but I am not familiar with them. Try OMF if you are a pro trader with big capital and PFD if you want to trade a smaller account.
Quoting moyes
{quote} OMF New Zealand is a regulated/licensed broker by the NZX stock exchange. They offer Futures Trading, FX (Ctrader), Share etc. You cannot go wrong with them. I would trade with them, but their minimum deposit is $10 000. I am trading small accounts until i get good at it They could probably allow you a $5000 to test them out. I would say OMF are the best in NZ followed by PFD nz. PFD nz allow smaller accounts....
yes.i knowbut nz regulation is relax.
omfg... why do you think that they're from NZ?
Thank you for your kind comments Moyes.

In answer to the last comment, we are based in NZ because that's where we originated 30 years ago!

We would absolutely dispute that regulations are relaxed here. The NZFMA are as stringent as any of the top regulators in the world and are ensuring that brokers who market from NZ are well capitalised and adhere to some extensive rules and regulations surrounding safety of client funds.

Please note there is a significant difference between just being registered as a Financial Services Provider compared to OMF who are also regulated by the NZFMA and the NZX.

We are happy to field any direct questions if people wish to private message but will leave others who have used us to post their experiences here rather than give you a sales pitch. You may view our services at www.omf.co.nz

Best wishes,

OMF Team
Trust, Expertise, Passion. Fully regulated, 24hr Experienced dealer access.
  • Post #6
  • Quote
  • Edited 11:05pm Jul 29, 2015 10:53pm | Edited 11:05pm
Quoting VatslavFX
omfg... why do you think that they're from NZ?

Not sure what that has to do with anything but I digress....

I trade with OMF (I trade for a living) - started with a small account then moved a significant amount (7 figures) to them. I use ctrader for my own FX, and use their brokers for Phone trading FX Options, Futures & Equities. They are an old school broker, been around a long time, moving into the modern world with their ctrader offering. They are regulated, members of NZX, fairly conservative and their financial statements are available on their website. They do a lot of wholesale trade in Interest Rates, Dairy Futures & Electricity Futures with large NZ banks and corporates (well large in NZ anyway ) Previously I traded with VantageFX, Global Prime & IC Markets. As I live in New Zealand I wanted to be able to walk into my brokers office. I found execution and slippage slightly better than IC markets, which makes up for the fact they are slightly pricier. But I would rather pay more and know my money is safe. They provide good advice, and I sleep at night confident that my money is safe. Being a traditional brokerage their brokers are also available to discuss ideas etc. I am in no way affiliated nor receive any sort of kickbacks other than the occasional lunch or event invitation from them. Yes I believe you would need around $5k to open an account. Please feel free to PM directly if you wish to discuss further or you want some contacts there. NB: I had never heard of PS - but it is rare to find a broker that lists all its key staff on their site: https://www.omf.co.nz/about-us/our-people

NZX membership is fairly difficult to obtain in NZ, I do agree that our FSP scheme is not as robust as it should be.
Thanks Studio1 for the accurate summary. We must owe you another lunch!
Trust, Expertise, Passion. Fully regulated, 24hr Experienced dealer access.
Quoting studio1
{quote} Not sure what that has to do with anything but I digress.... I trade with OMF (I trade for a living) - started with a small account then moved a significant amount (7 figures) to them. I use ctrader for my own FX, and use their brokers for Phone trading FX Options, Futures & Equities. They are an old school broker, been around a long time, moving into the modern world with their ctrader offering. They are regulated, members of NZX, fairly conservative and their financial statements are available on their website. They do a lot of wholesale...
Did you trade with small account?their min.deposit is 10k.
Hats off to all brokers who've has lasted through the 87 Crash, Gulf war vol, 911, GFC, Flash Crash, SNB etc etc... it's true, you get what you pay for.
Quoting entheos
{quote} Did you trade with small account?their min.deposit is 10k.
I started with more than 10k,
from their PDS,

"Cash Handling Fees
As OMF is not a bank, we have a strict ‘no cash” po
licy for funds being deposited into OMF’s client
accounts. If physical cash is deposited, the client
will be contacted and a 15% cash handling fee will
apply to that cash deposit.
For example, if NZD $10,000 cash is deposited into
OMF’s client account, then NZD $1,500 will be
deducted as a cash handling fee."
---
15% fee will be deducted....
Quoting entheos
from their PDS, "Cash Handling Fees As OMF is not a bank, we have a strict no cash po licy for funds being deposited into OMFs client accounts. If physical cash is deposited, the client will be contacted and a 15% cash handling fee will apply to that cash deposit. For example, if NZD $10,000 cash is deposited into OMFs client account, then NZD $1,500 will be deducted as a cash handling fee." --- 15% fee will be deducted....
That means you can't turn up at the bank and physically deposit cash into their accounts. This is because we have anti-money laundering laws in NZ which have a burden on financial service providers (I have a share in a lending business, that's how I know). Like gambling, trading could be an easy way to launder dirty money.
Quoting OMFDealers
Thank you for your kind comments Moyes. In answer to the last comment, we are based in NZ because that's where we originated 30 years ago! We would absolutely dispute that regulations are relaxed here. The NZFMA are as stringent as any of the top regulators in the world and are ensuring that brokers who market from NZ are well capitalised and adhere to some extensive rules and regulations surrounding safety of client funds. Please note there is a significant difference between just being registered as a Financial Services Provider compared to OMF...
http://www.financemagnates.com/forex...esponsibility/
How do you think about this affair?
...
many scam brokers build a nest in NZ.
and NZ gov. and regulator allow them.
Quoting entheos
{quote} http://www.financemagnates.com/forex...esponsibility/ How do you think about this affair? ... many scam brokers build a nest in NZ. and NZ gov. and regulator allow them.
Hi Entheos,

I don't think NZ is any more a location for unscrupulous firm than anywhere else. The NZFMA website is constantly posting warnings and shutting down firms that clearly don't meet their requirements, similar to any other regulatory body's website (I recently looked at the UK and Australian ones and it was the same story).
Regardless, the fact that people still try to set up isn't really a focus for OMF because from what we've seen, the NZFMA are doing a good job of working with global regulators to cleanse their patch of these firms. We are fully regulated and have been for over 30 years. Even though it's obvious whether something is a scam or not, some people still need reminding. Can you call them? Can you walk into their offices? Is there any substance behind any website? Also regulation is costly, that's why OMF are not offering zero cost dealing.

Here is a list of NZFMA Register: http://www.nzfma.org/Site/about_nzfm...r_members.aspx

This link has some good advice and links to warnings and alerts: https://www.fma.govt.nz/consumers/wa...rts-and-scams/

Thanks Studio1 for the accurate response on why we can't handle cash.

Best wishes,

OMF Team.
Trust, Expertise, Passion. Fully regulated, 24hr Experienced dealer access.
OMF can you please provide more details what's the max leverage for cTrader FX product and what are deposit/withdrawal methods. thanks!
Replied via Private Message due to a temporary issue in replying directly on this thread!

In short, leverage is 1:100, that is the maximum, we don't believe in offering more than that as our focus on client longevity.

Leverage on our phone based service is 1:30 approximately. This service is more aimed at longer term traders who wish to receive advice directly from our dealing room.

Payment methods are via Telegraphic Transfers or if in NZ via Direct Credit and these are effected within 24 hours.
Trust, Expertise, Passion. Fully regulated, 24hr Experienced dealer access.
  • Post #17
  • Quote
  • Last Post: May 6, 2021 8:55pm May 6, 2021 8:55pm
Please note - OMF was acquired by Jarden Securities Ltd in April of 2019.
Please direct any enquires regarding cTrader or our new and existing suite of services to our Forex Factory page 'JardenDealer' or head to our homepage:

https://www.jarden.co.nz/our-service...y-derivatives/


Regulated by both the NZX and the FMA, Jarden is New Zealand’s leading investment and advisory group garnering a well established reputation in the financial markets for over 60 years. With services ranging from investment banking and capital solutions, to wealth management and brokerage services, Jarden offers the full range of FX products, backed by world-class research and industry expertise to thousands of individuals worldwide.
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